How does Bright pay off my credit cards?

Bright uses new patented technology called MoneyScience™, a system of 34 algorithms that studies your finances, learns about your debts, and makes payments for you, automatically. 

How to get started

Once you download the Bright app, we’ll help connect your cards and checking account to Bright. It usually only takes a couple clicks. 

You can always choose which cards to connect, but Bright works best when all your cards are linked. We’ll walk you through it when you sign up, and you can always add more later. 

How Bright makes payments

Week by week, Bright studies your card debts, looking at APRs, balances and interest charges. Then Bright makes smart card payments for you, finding the fastest way to get you debt free.

Bright prioritizes paying off cards with the lowest balance, so you get debt-free quicker. Bright also ensures the cards you’ve connected are always paid on time, so you never pay another late fee. 

To help boost your credit score, Bright often makes several incremental payments during the month. Making several small payments during each billing cycle helps build your credit score. 

You can even use Bright to make card payments manually, whenever you like, on any connected card. 

How Bright works with your checking

‍Every 2 to 3 days, Bright moves a small amount from your checking account into your Bright Stash account and uses those funds to make your card payments.

Whenever your finances shift, Bright adjusts automatically, moving less or more if it makes sense for you. And you can always access funds in your Bright Stash account, transferring them back to your checking account. 

Set your own pace

When you sign up for Bright, we’ll show you how to set your own pace -- the amount you want Bright to use for credit card payments every month.

You can always adjust it -- we can move more or move less -- and we automatically stop moving funds when your account reaches a low balance -- an amount you can always set yourself.

Or you can let Bright’s MoneyScience™ make decisions for you. We’ll study your spending habits, your income and your debt, and we’ll move funds when it makes sense for you.

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                                                         Use Bright's MoneyScience™ to pay off credit cards.

Choose your method

As an alternative, you can adjust Bright to follow two popular debt-payment methods: the Avalanche method or the Snowball method. Bright can follow these strategies, focusing on clearing low balances or targeting high interest charges. Bright will make payments for you accordingly. 

Or you can choose Bright’s MoneyScience™ -- the best of both methods. MoneyScience™ is more adaptive to your spending habits and debts.

Whatever strategy you choose, Bright does the math for you and makes payments for you, always on time and always following your goals.

You’re always in the loop

Whenever you reach a new milestone -- like a credit card is cleared or a jump in your credit score -- Bright sends you a notice or an email. We’ll keep you in the loop on the progress we’re making.

Our MoneyScience™ system builds a personalized Bright Plan for every user, a step by step path for delivering your goals. Your Bright Plan is a personalized menu, where you can manage how Bright works -- adjust your pace, move your goals, see progress and projections, and even switch up Bright’s strategies. Or you can set it and forget it, and let Bright get to work.

Get an easy credit boost

If your credit score is looking low, Bright Credit Builder offers an easy boost. It’s a simple extra service you can access through your Bright Plan. 

Here’s how it works: We’ll set up a small line of credit and use it for your Bright Stash, moving funds like we do from your checking account. 

But we’ll pay back the line of credit in automatic re-payments, so you’ll build a positive payment. And the line of credit counts as available credit, which improves your utilization ratio. Both of those activities help boost your credit score -- and Bright does it all automatically.  

Once you sign up for Bright, you can apply for Bright Credit Builder in the menu of your Bright Plan.

Build more savings, too

While we’re paying off your cards, Bright can build your savings faster, too. Week by week, Bright moves funds from your checking account to your Bright Savings account -- so you’re saving more regularly and earning more interest sooner.

You can set your own savings goals. Or let Bright set them for you. We like to start with an emergency fund and a rainy day fund. But you can also set up special saving pockets -- like a wedding, a vacation or a new car -- that help focus your savings, personalized for you. 

How much does Bright cost?

Bright starts with a free 10-day trial, and we offer three membership plans: $6.99/month paid annually, $8.99/month paid semi-annually or $14.99/month when you pay month by month. 

The average Bright user saves $744 each year on interest charges. If you’re ever not satisfied, Bright offers a money-back guarantee, refunding your membership charge. 

How to get Bright

Download the Bright app from the App Store or Google Play. Connect your bank and your cards, set a few goals and let Bright get to work!

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Recommended Readings:

What Is Moneyscience™ and how can you use It?

How does Bright boost my credit score?